Moose River, Maine Property Taxes
The median property tax rate in Moose River, ME is 1.38%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Moose River at $111,280, the typical annual property tax bill reaches $1,536, exceeding the national median of $2,690. Property taxes in Moose River are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Moose River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Moose River or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Moose River, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$1,536
Ownwell’s Moose River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moose River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moose River to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Moose River, Maine
Property taxes in Moose River, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moose River is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Moose River set these rates annually, and they can vary across different neighborhoods. Each year, Moose River estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Moose River's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04945 has a median property tax rate of 1.38%, the same as Moose River. Understanding how these cities compare with Moose River provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moose River Tax Rate
1.38%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moose River, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Moose River, Maine
In Moose River, Maine, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Somerset County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Moose River, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Moose River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Moose River are both $1,536, found in the 04945 zip code.
Average Moose River Assessed Value
$111,280
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moose River, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | $71,742 | $96,970 | $111,280 | $129,975 | $165,712 |
Source: Ownwell
Property Tax Bills Across Moose River, Maine
In Moose River, property tax bills are calculated based on the assessed value of a home, which is determined by the Somerset County assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Moose River is $111,280, which helps set a baseline for assessment. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,338 and the 75th percentile reaching $1,794. At the higher end, the 90th percentile tax bill is $2,287. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners, these property taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Moose River's rates can be relatively high, impacting homeowners' annual expenses. Understanding how these factors come together to determine the tax bill can help homeowners plan their finances more effectively.
Average Moose River Tax Bill
$1,536
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Moose River, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | $990 | $1,338 | $1,536 | $1,794 | $2,287 |
Source: Ownwell